Nashville Hard Money lender - Condo Acquisition

6 Replies

Hello BP Community!

I am working on finding a way to fund the acquisition of a condo in Nashville, TN. I am currently in the middle of a renovation project in the Bordeaux area so my personal cash is tied up and I am pretty sure traditional financing options would not be available because of the renovation.

I am currently calling private money contacts and hard money lenders. What I have run into so far is that some hard money lenders may not finance a Condo purchase, preferring to stick to single family or multifamily (really anything without the HOA board). Would there be another idea to find someone to fund this acquisition or would anyone know of a hard money company that would be willing to fund on a condo?

Originally posted by @Benjamin Dunkin :

Hello BP Community!

I am working on finding a way to fund the acquisition of a condo in Nashville, TN. I am currently in the middle of a renovation project in the Bordeaux area so my personal cash is tied up and I am pretty sure traditional financing options would not be available because of the renovation.

I am currently calling private money contacts and hard money lenders. What I have run into so far is that some hard money lenders may not finance a Condo purchase, preferring to stick to single family or multifamily (really anything without the HOA board). Would there be another idea to find someone to fund this acquisition or would anyone know of a hard money company that would be willing to fund on a condo?


Is the condo warrantable or non-warrantable?  It will make a difference to the eventual lenders.

 

@Benjamin Dunkin

It's all about your exit strategy.  If you want to keep the condo after renovation, but it's non-warrantable, your financing options infinitely shrink (as does your ability to sell down the road).

Not impossible mind you, just a smaller set of lenders, both hard money and portfolio that will finance your project.

@Luka Milicevic funny you mention it, I recently just spoke with Dan! He recommended me to an acquaintance of his that that was able to work with a condo specific hard money loan. Thanks to him we are moving forward. We have submitted the offer and now we are waiting, hopefully the seller is ready to accept the terms!